ELITE PHARMS INC - ELTP STOCK NEWS

Elite Pharmaceuticals, Inc. announced its first quarter results for fiscal year 2024. Consolidated revenues for the period were $9.0 million, a 16.9% increase compared to the prior year. Operating profits increased by 60% to $1.6 million, and net income attributable to common shareholders increased by 267% to $1.1 million. The increase in operating profits was primarily due to increased manufacturing revenues from the launch of the Elite Laboratories label product line.

Elite Pharmaceuticals announces results for Fiscal 2023, with consolidated revenues of $34.2 million, a 5.9% increase compared to the prior year. Operating profits decreased by $1.4 million due to increased R&D spending and investment in sales and distribution.

Elite Pharmaceuticals, Inc. (OTCBB:ELTP) has filed an Abbreviated New Drug Application (ANDA) with the US FDA for a generic drug in the antimetabolites class, which had reported annual sales of $42 million in the generic market for the year ending December 2022. This move reflects Elite's ongoing commitment to developing niche generic products. Elite Pharmaceuticals specializes in oral, controlled-release drug products and operates a cGMP and DEA registered facility in Northvale, NJ. The company previously licensed several generic products to partners such as Prasco, LLC and TAGI Pharma. Forward-looking statements in the release caution investors about risks and uncertainties regarding future performance and FDA approvals.

Elite Pharmaceuticals, Inc. (OTCQB:ELTP) reported financial results for the third quarter of fiscal year 2023, ending December 31, 2022. The company achieved consolidated revenues of $9.3 million, up 3% year-over-year, primarily driven by sales of generic Adderall products. Operating profits increased to $2.0 million, while net income rose to $2.96 million. For the nine-month period, revenues totaled $25.5 million, reflecting a 4% increase, but operating profits decreased to $4.1 million. A conference call is scheduled for February 15, 2023 to discuss these results and future updates.

Elite Pharmaceuticals, Inc. (OTCQB:ELTP) announced that it will release its third quarter financial results for the fiscal year 2023 on February 14, 2023. Management will host a live conference call on February 15, 2023, at 11:30 AM EST to discuss financial and operational outcomes, along with a general business update. Stockholders are encouraged to submit questions before the call. Elite Pharmaceuticals focuses on developing niche generic products and operates a cGMP and DEA registered facility for research and manufacturing in Northvale, NJ. For additional information, visit www.elitepharma.com.

Elite Pharmaceuticals (OTCQB:ELTP) announced positive results from pivotal fasted bioequivalence studies for a generic antimetabolite drug. IQVIA reported annual sales of $42 million for the generic market related to this product as of December 2022. These open-label studies demonstrated that the generic is bioequivalent to its branded counterpart, paving the way for Elite to compile data for an Abbreviated New Drug Application with the FDA.

Elite specializes in niche generic products and operates a registered facility in Northvale, NJ. For more details, visit www.elitepharma.com.